Many banks have been laying off workers to offset declines in trading profits and increased costs from new regulations. The New York state comptroller said Tuesday it expects Wall Street to lose 10,000 jobs by the end of 2012.

"We expect to see the headcount going down, but no major layoffs," said Dimon.

It is also being sued by the federal government in an attempt to recover billions of dollars in losses from risky mortgage investments.

While he conceded that the bank has "made mistakes," Dimon argued that JPMorgan is well positioned to grow its mortgage business.

"We try to do our best, like any other business," he said.

JPMorgan is the first major U.S. bank to report in what is expected to be a dismal quarter for the industry. Bank of America (BAC, Fortune 500), Citigroup (C, Fortune 500), Goldman Sachs (GS, Fortune 500), Wells Fargo (WS) and Morgan Stanley (MS, Fortune 500) will release quarterly statements in the next few weeks.